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The Tell: How the stock market rally could spark a ‘FOMO’ rerun

Don’t call it a “melt-up,” but the June stock-market rebound could soon begin to foster the same sort of “fear of missing out” feeling that prevailed in April if speculators come off the sidelines, says one quantitative analyst.

“Although markets have been calm, it appears that the appetite for risk is alive and well,” said Masanari Takada, quantitative analyst at Nomura, in a Tuesday note. “The key issue now is whether sentiment rises to more than two standard deviations above its rolling average (into the euphoric zone) this week, as it did in April.” (See chart below).

Nomura

While Nomura’s proprietary gauge of the global mood around equities is on the upswing, the narrative around market sentiment has generally been downbeat.

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